The Canton Corporation shows the following income statement. The firm uses FIFO inventory accounting. CANTON CORPORATION Income Statement for 20X1 Sales $ 204,600 (18,600 units at $11.00) Cost of goods sold 139,500 (18,600 units at $7.50) Gross profit $ 65,100 Selling and administrative expense 12,276 Depreciation 10,500 Operating profit $ 42,324 Taxes (30%) 12,697 Aftertax income $ 29,627